Gales boosts Fuller's results

A full year's contribution from the acquired Gales estate, rising food sales and two hotel disposals boosted Fuller Smith & Turner's annual results, the brewer revealed today.

Announcing the group's results for the year to March 31 2007, chairman Anthony Fuller said overall turnover had risen 23 per cent to £178.2m, with operating profits up 31 per cent to £29.4m.

Adjusted pre-tax profits, excluding the sale of two hotels, were up 23 per cent at £22.1m.

Adjusted earnings per share were up 26 per cent to 68.94p, while a final dividend of 16.25p, up 15 per cent, would be proposed.

Fuller said: "While our recent growth is due, in part, to the additional business from the acquisition of Gales in December 2005, I am delighted to report a strong underlying performance from the original Fuller's estate with uninvested like for like sales growing by 6.7% in our managed pubs."

The sale of the two hotels during the year for £35.6m, along with other property sales, resulted in exceptional profits of £20.1 million.

Turnover in the group's managed pubs rose 28 per cent, with profits up 41 per cent.

Food sales in the managed estate rose 51 per cent in the year, with food now representing more than a quarter of the managed business's total sales, versus a fifth in 2006.

Fuller's tenanted pubs saw turnover up 39 per cent, with profits up 40 per cent.

In brewing, sales grew 14.1 per cent, with profits up 12 per cent to £7.9m.

The group said it would be proposing a five for two share split to "rebase the share price and increase liquidity".

Fuller said the current financial year had "started well and is in line with expectations".